Investment company AMCIL Limited (ASX:AMH)
has reported a $4.5 million half year net profit, a 9.2 per cent decline on the previous corresponding period.
AMCIL says the Australian equity market delivered strong returns over the six months to the end of December, dominated by the defensive and large cap sectors of the market.
Despite this, the half year result was below last year’s half year profit of $4.9 million, due primarily to movements in the valuation of Hastings Diversified Utilities Fund (ASX:HDF)
during its sale to APA Group (ASX:APA)
AMCIL has cash available to invest moving forward, however will adopt a cautious approach against a backdrop of expected earnings outlook weakness in the upcoming reporting season.
AMCIL generated a net profit of $8.9 million in the 2012 financial year.